Partnership Accounts
What is a Partnership account?
A partnership
account is opened by two or more people in which each person is equally
liable. A partnership will have its own Fed ID #.
I want
to open a partnership account with your firm. At
what point should I send in the completed account opening documentation?
You will first need to make contact with a broker here and discuss the
details of your transaction. If our compliance department
approves your transaction, you can then proceed to fax or email in the
account opening documentation. If you will be
depositing shares, you will first want to complete an
Equity Deposit Questionnaire
(EDQ)
or the Quick
Facts Questionnaire (QFQ). See
Guidelines for Depositing OTC Securities.
What forms are required to open
a partnership account?
Along with a non-expired government issued identification (i.e.
passport and/or driver license), at a minimuim the following
documentation must be submitted:
- New Account Approval Form (Pages 1*** & 2), Customer Account Agreement, Partnership Agreement, Initial Privacy Notice, and Receipt of Documentation.
- If opening this account as a Margin account, then substitute the Customer Account, Margin & Short Account Agreement for the Customer Account Agreement,
- Copy of the Partnership Agreement (this is a different form than the one we provide)
- Foreign Partnerships will also need to submit an original W-8BEN, which must be mailed into our firm.
These forms can be found under New Accounts>Partnership
***We are now requiring the signature line on page 2 of the New Account
Approval Form to be notarized.
Do you need the original
documentation?
You can fax us or scan into an email the required documentation.
The only instance for which we require original documentation
is in the case of the W-8BEN for a foreign individaul.
Do you open accounts for
Canadian citizens?
If the Canadian citizen is living permanetly outside of Canada and
receiving his/her mail there and the Partnership is setup outside of Canada, then we could open a Partnership account.
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